The past year has witnessed an astronomical rise in the amount of money spent on the housing market. Various reasons have been behind the big push including the stamp duty holiday, low rate mortgages and pent up frustration with the same four walls.
Regardless of what has pushed the surge in the marketplace, the biggest rise has come from first-time buyers to the market. In 2021, first-time buyers contributed over £86 million of the overall sales, increasing by just over £27 million within a single year.
Figures Across the Nation
Across the United Kingdom last year, a total of 397,232 first-time buyers entered the housing market – a massive increase on the 295,390 in the year 2020. That is correct – over 100,000 more first-time buyers came to market within a year.
When it comes to what areas saw the most increase in first-time buyer activity, the South East saw the biggest share of those numbers with 24,416. London showcased the second-highest growth with 18,717 first-time buyers coming to the market.
In the North West, an increase in first-time buyers saw the region attract 8,698. This included those looking to buy property in Stockport in both city, town and more rural surroundings.
Also increasing in each region was the average price paid for a first home, stretching from £199,251 in 2020 to £216,836, highlighting a nine per cent increase in just one year. When reflecting the regional differences on house price growth, Wales had the biggest First-Time Buyer paid jump at 12 per cent.
Despite the record new heights that house prices have climbed during the pandemic period, the record number of first-time buyers coming to the housing market over the past year has continued to climb significantly, with the overall level of market value they represent being huge.
Greater demand over the supply has pushed the cost of buying higher and higher but the clear aspirations of owning your own home have never been more identifiable and strong. Even though today’s generation has become accustomed to long-term renting, the door has been opened and more and more people are taking their steps towards having their place to call home.
This factor plays very well into the future health of the housing market in the UK, suggesting that buyer demand has little sign of running low shortly. Although the level of housing stock has yet to catch up to the demand levels, independent estate agents Stockport look to have another busy year ahead for enquiries in the North West.